Apple Music To Overtake Spotify In 2018

2/5/2018 2:05 PM ET

Tech giant Apple Inc.'s three-year old music streaming service Apple Music is reportedly on track to overtake Spotify in US paid subscribers.

According Wall Street Journal, Apple Music, which was launched in June 2015, has been adding subscribers in the U.S. at monthly growth rate of 5%, compared to Spotify's 2%. WSJ's report is based on sources from people in the music business familiar with figures reported by the two services.

At this growth rate, Apple is expected to overtake Spotify in US market this summer. Apple Music comes preloaded on all iPhones, Apple Watches and other devices sold by Apple.

Meanwhile, globally, Spotify currently has twice as many paid subscribers as No. 2 Apple and also touts of faster subscriber growth. Last month, the Swedish company said it had 70 million paid subscribers around the world, while Apple has 36 million.